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Finance Minister Matia Kasaija has hailed I&M Bank for meeting its minimum paid-up capital requirements of up to UGX 210 billion.
Minister Kasaija noted the Bank was resilient and adaptable in the face of emerging challenges, demonstrating the ability to remain financially stable, and compliant with Uganda’s new enhanced capitalisation programme, while Speaking at the Bank’s 50th anniversary celebrations that were held at Serena Hotel Conference Centre last Friday at a dinner gala.
Bank of Uganda raised the minimum paid-up capital requirements for commercial banks for Tier I financial institutions from UGX 25 billion to UGX 120 billion by 31st December 2023 and UGX 150 billion by 30th June 2024.
Kasaija also appreciated the critical role of I&M Bank in driving economic progress and being a trusted partner in the quest for economic development and unwavering commitment to the nation’s prosperity, this being most notably in healthcare, education and environment.
“Your ability to evolve and innovate has enabled you to stay ahead of the curve, embracing technological advancements and expanding your services to meet the changing needs of your customers especially in Uganda,” Kasaija remarked.
The I&M Chief Executive Officer, Mr Robin Bairstow, said the Bank embarked on its journey in the banking sector as a small financial operator in Nairobi and has steadily grown into a commercial bank,steadily expanding its operations while solidifying its presence across the region.
“I&M Bank entered the Ugandan market in November 2021. Over time, the Bank has become the market leader in terms digitalization of products and services, enhancing customer convenience through introduction of innovative services like I&M Bank Mastercards, offshore banking, and our digital pod that has significantly changed ATM banking,” he added.
Mr Bairstow acknowledged the invaluable contributions of partners, including customers, employees, regulators, and shareholders, whose support has been instrumental in the bank’s journey.
Beyond its financial services, the Bank has also been deliberate about prioritizing giving back to the community and supporting those in need, through our various Corporate Social Responsibility (CSR) initiatives.
Some of the Bank CSR initiatives included; supporting St. Francis Hospital Nsambya with over 500 mama kits and eight emergency trolleys valued at UGX 42 million to improve its healthcare services, particularly for pregnant women.
Speaking on the future of the bank, he said: “We have plans for expanding service offerings, leveraging emerging technologies, and addressing evolving market dynamics, to serve customers’ needs better in the ever-changing business landscape.”